Special session bound?

The Associated Press is reporting that proposed budget reductions that require legislative approval may force a special session in early December.  The state has a gap of nearly $300 million in the budget for this year, and rumors speak of a December 8th special session to take the legislative action necessary to close it.

From the Associated Press:

Assembly Speaker Barbara Buckley, D-Las Vegas, said staffers will work over the weekend on drafting details of the plan and producing accompanying legal analyses. Gibbons said the result will be a "composite" of various ideas and not one single proposal.

One of the proposals under consideration, from state Treasurer Kate Marshall, calls for a $150 million line of credit that could be tapped as needed in coming months. The source would be pooled local government funds that the state invests. The state would pay interest at a slightly higher rate than what the fund now gets.

Also reportedly under consideration is a plan to float short-term bonds to pay for government operating costs.

Gibbons said he agrees with lawmakers that the plan should try to avoid further cuts in state agency budgets that would lead to a lot of layoffs, pay cuts and service reductions.

"We're doing everything we can to avoid layoffs and reductions in salaries," Gibbons said, adding, "We are trying desperately not to cut any more."